Financial capability for work-based learning apprentices
In partnership with the National Skills Academy for Financial Services
Focus group members
Calerdale College, Exeter College, Newcastle College, Stockport College, SW Training Provider Network, West Cheshire College.
Aim
To explore ways to make financial capability a core study module within apprenticeship courses.
Background
Financial capability advice needs can differ even within apprenticeship groups. Older apprentices need more guidance about savings and loans -perhaps for buying a car to get to work, while younger apprentices benefit from learning the basics of pay, tax and National Insurance.
Action
West Cheshire College trialled the Money for Life programme with 33 learners across two apprenticeship groups comprising engineers and hairdressers. To do this they first asked several apprentice employers, representing both large and small companies, for their views on any money management issues they had experienced or noticed with their apprentices. The consensus among the employers was that some personal finance information for the learners would be a positive addition, both for the apprentices and their businesses.
Outcome
West Cheshire College is considering how they can introduce entrepreneurial financial management awareness into their apprenticeship programmes. As before, they will first seek out the views of their employer partners. They feel there is a strong need for this because in many sectors, such as hair and beauty, or construction, apprentices often aspire to set up on their own.
The college is also exploring ways that apprenticeship employers may take a proactive approach to collaborating with them on money management themes within the apprenticeship programme.
Because of the work undertaken to date, and the tutors’ experiences of running the financial capability components, the focus group is committed to reviewing how financial capability may integrate successfully as a regular feature in all apprentice induction programmes. The How To Guide…Work Based , produced from the group will provide practical support to embed financial capability into learners’ induction as a part of their rights and responsibilities programme. This is a compulsory requirement of apprentice training. It covers employer and employee statutory rights and responsibilities under employment law, and the health and safety, and equality and diversity, procedures for their employing organisation.
Testimonial
Rhys Chadwick, apprentice, West Cheshire College
“Some students are experiencing financial difficulties more than before. Money for Life gave me an in depth understanding. For example, I now know how a mortgage works and can be arranged. When it comes to money I now feel tutors are a good source of information.”
